Gateway Distriparks Ltd initiates arbitration against Adani Logistics Ltd

Gateway Distriparks Limited had earlier announced regarding the proposed sale of entire shareholding held by the Company in Snowman Logistics Limited ("SLL") to Adani Logistics Limited ("Acquirer") by 31 March 2020 in terms of the share purchase agreement on 27 December 2019, as amended ("Agreement").

The Agreement is currently not in force due to repudiation thereof by the Acquirer. The Company's attempts to resolve the dispute through without prejudice good faith discussions were also of no avail.

Therefore, the Company has now initiated arbitration proceedings against the Acquirer pursuant to the provisions of the Agreement.

Shares of GATEWAY DISTRIPARKS LTD. was last trading in BSE at Rs.77 as compared to the previous close of Rs. 77.05. The total number of shares traded during the day was 4056 in over 198 trades.

The stock hit an intraday high of Rs. 77.6 and intraday low of 76.05. The net turnover during the day was Rs. 312293.

Shares of Snowman Logistics Ltd was last trading in BSE at Rs.26.8 as compared to the previous close of Rs. 26.2. The total number of shares traded during the day was 4504 in over 61 trades.

The stock hit an intraday high of Rs. 27.25 and intraday low of 26.3. The net turnover during the day was Rs. 120056.

Source : Equity Bulls

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